(Washington, DC) – Today, U.S. Senator Richard Blumenthal (D-Conn.) released the following statement after the Senate voted 93-4 to renew the Terrorism Risk Insurance Act (TRIA), legislation that would make it possible for insurers to offer terrorism coverage across the country and provide a financial backstop for them in the event of a terrorist attack. Signed into law in 2002 in response to the September 11 attacks, TRIA requires the government to help pick up insurers’ costs if the damage of a terrorist attack exceeds a certain amount. If Congress doesn’t renew the law, it will expire at the end of the year.
“TRIA attracted overwhelming bipartisan support today for a simple reason: it works. By implementing a last-resort public backstop while requiring meaningful risk-sharing from the private sector, TRIA lays the foundation for a functioning market, protects taxpayers, and keeps our economy running smoothly in an uncertain world. In states like Connecticut, where the impact of acts of terrorism is very real, we know the critical importance of assuring that properties judged as high-risk have coverage. I call on the House to pass this bill without delay. Extending TRIA will guarantee that insurers have the support they need and that our economy will be left less fragile in the wake of a terrorist attack.”